Analysis of business results & financial statements · Quý 4/2025
▲ Showing improvement
Trailing net profit reached 5.9bn, rose 7.2bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower financial income and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4,020.10x
- P/B
- 88.65x
- EPS
- 199
- BVPS
- 9,024
- ROE
- 2.2%
- ROA
- 2.0%
- Market price
- 800,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q4 basis, KSQ posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Finance costs
- Financial income
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 | 1.2 | 0.3 | 0.0 | 0.1 | 0.0 | 5.4 | 1.9 |
| LNST | 11.1 | -0.9 | -2.3 | -2.0 | -4.2 | -1.0 | 1.8 | 2.0 |
| Net margin | 720.07% | -77.02% | -709.34% | — | -3390.22% | — | 33.96% | 104.71% |
Revenue
2bnNet income
11bnNet margin
720.07%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins improved (+209.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 191.85%, rising 209.7pp. Core operating signals are improving as Gross margin rose 7.4pp are enough to offset pressure from SG&A / Revenue rose 85.3pp (with additional support from Net financial result / Revenue rose 291.0pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 191.85% +209.7pp
- Gross Margin
- 8.55% +7.4pp
- SG&A / Revenue
- 106.14% +85.3pp
- Non-core / Revenue
- 290.17% +291.0pp
TTM YoY · 2024Q4 -> 2025Q4
Financial result accounts for 151.2% of PBT and lifted net margin by 291.0pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.01x equity, net debt at 0.11x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 7.4pp YoY to 8.55% (TTM).
Gross margin (TTM): 8.55% · YoY +7.4pp
Inventory 0.3bn — 0.10% of total assets, below the materials-group median (13.00%); ≈ 34 days of sales. Inventory is growing faster than revenue (6.93% vs −58.57% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 0.10% (group median 13.00%)
Days inventory outstanding: 34
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 36.9 days versus the same period last year. The main moves came from DIO rose 26.5 days, DSO rose 18.7 days, and DPO rose 82.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +18.7 days, pointing to slower receivables turnover.
DIO increased by +26.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −0.5% to 2.2% — supported by net margin.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.11x and interest coverage only at 0.66x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
Interest coverage is 0.66x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 0.11x −0.01x
- Interest Coverage
- 0.66x +0.90x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2024Q4 -> 2025Q4
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 35.2bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +35.2bn. Financing cash flow was negative +34.0bn.
CFO / net income was 5,94 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 209.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.66x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 191.85% after expanding 209.7pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 5.94x. Even so, net financial result still accounts for 151.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.66x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −58,6% YoY decline.
Ability to hold margins around the current 191.85% level.
Cash-flow quality, with operating cash flow currently at 35.2bn in 2025.
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